September 2019 Archives

Managing debt during and after a divorce

Most Virginia residents are aware that lot of attention is commonly given to how assets will be split when a couple gets divorced. This is certainly understandable as the need to sell a house, move out of a family home, give up half of a retirement account or other experiences can be hard to accept. The process can even leave some people concerned about how they will live on their new single-earner income if they had previously enjoyed a lifestyle supported by two incomes. These concerns can grow when a person ends up taking on some of the couple's joint debt as well.

Plan ahead for college during a divorce

If you are one of the many parents of students who are in high school when you face an impending divorce, you might be very concerned about how you will pay for your kids to go to college. Many other Virginia parents have faced this dilemma as well. It can be hard enough to fund a college education when parents are married but affording this experience on a post-divorce budget can be extra difficult.

Your mortgage during a divorce

If you and your spouse are embarking on a divorce in Virginia, you will need to determine how to split your marital assets and debts. For most couples, their primary residence is their biggest asset but is also connected to their biggest liability in the form of a mortgage. You should be very careful in how you decide to assign ownership of your home and responsibility for this mortgage should you opt not to sell your home when you get divorced.

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